Rachel Roy is directly addressing speculation that she's the woman behind Beyonce's now famous Lemonade lyric, "You better call Becky with the good hair."

The Beyhive has been targeting the 42-year-old designer aggressively on her social media accounts, speculating that she had an affair with Beyonce's husband, Jay Z, after Roy herself Instagrammed a selfie on Saturday night with the caption, "Good hair don't care."

Roy, who chose to share the now-deleted snap right after Bey's HBO special aired, now says there's "no truth to the rumors."

WATCH: Beyonce vs. Rachel Roy -- 8 Things to Know About the Fashion Designer

"I want to put the speculation and rumors to rest. My Instagram post was meant to be fun and lighthearted, it was misunderstood as something other than that," Roy tells People. "There is no validity to the idea that the song references me personally. There is no truth to the rumors."

She also spoke out against the online harassment she's been receiving, specifically, on behalf of her two daughters, Ava and Tallulah, with her ex-husband, Damon Dash -- Jay's former business partner and friend. Roy's daughters have also been receiving negative social media messages since Lemonade dropped late Saturday.

"Consequently, online haters have targeted me and my daughters in a hurtful and scary manner, including physical threats," Roy says. "As a mother -- and I know many mothers would agree -- I feel that bullying in any form is harmful and unacceptable."

"I would hope that the media sees the real issue here -- the issue of cyber bullying -- and how it should not be tolerated by anyone," she adds.

Roy stepped out in Los Angeles on Monday after canceling a New York City appearance due to a "personal emergency," but stayed silent when asked by paparazzi about the Jay Z cheating rumors.

"I respect love, marriages, families and strength," she also tweeted on Sunday. "What shouldn't be tolerated by anyone, no matter what, is bullying, of any kind."

Speculation about the nature of Roy's relationship with Jay actually began back in May 2014, when it was reported that Beyonce's younger sister, Solange, had a heated confrontation with the designer at a MET Gala after-party prior to her infamous elevator attack on her brother-in-law.

WATCH: Rachel Roy Steps Out in L.A. Amid Beyonce Drama